Several income tax proposals, together with 30 per cent tax on income from commerce in cryptocurrencies will come into effect from Friday.
Also, the revised norms for levy of 1 per cent TDS (tax deducted at supply) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the start of the brand new monetary 12 months.
As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp obligation worth, which ever is increased, as in opposition to the sooner provision of consideration.
Beginning subsequent fiscal 12 months, assessees may have the choice to replace their income tax returns in case there’s any omission in authentic ITR. It would additionally present alternative to voluntarily disclose such income by submitting an up to date tax return with further tax calculated primarily based on the delay.
Taxpayers will likely be allowed to file such an up to date return solely as soon as per monetary 12 months.
From April 1, 2022, income from switch of digital digital belongings or cryptocurrencies is taxable at 30 per cent. Such income will likely be taxable even when taxpayers’ whole income is beneath the brink restrict of Rs 2.50 lakh. Further, no deduction aside from value of acquisition is allowed whereas computing the taxable quantity.
Nangia Andersen LLP Partner Neeraj Agarwala stated that disallowance of bills below Section 14A would come into effect from April 1, 2022.
From Friday, bills incurred for incomes exempt income won’t be allowed as a deduction.
The tax remedy of first time homebuyers as per Finance Act 2022 will come into effect from Friday.
According to Anita Basrur – Partner, Direct Tax – Sudit Okay Parekh & Co. LLP, so as to allow homebuyers have reasonably priced and low value funds at their disposal, a deduction of up to Rs 1,50,000 in respect of curiosity on mortgage, taken for residential home, was allowed topic to assembly sure situations i.e. mortgage must be sanctioned throughout 2019-20, stamp worth of the home shouldn’t exceed Rs 45,00,000 and the taxpayer shouldn’t personal some other residential home on the date of sanction of the mortgage.
The interval of sanction of the mortgage was prolonged from March 31, 2020 to March 31, 2021 and at last March 31, 2022 within the subsequent Finance Bills. There is not any extension granted now.
“With the sundown of this part, homebuyers can nonetheless avail deduction for curiosity on loans taken for buy of home property however the price of curiosity won’t be concessional however as per market. This would absolutely not make it possible for individuals to afford homes due to the upper rates of interest,” Basrur stated.
(Only the headline and film of this report might have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)